The cost of fixed rate mortgages has fallen again.
Skipton Building Society has launched a two year fixed (Aug -2011) at 2.48 per cent. It is the cheapest short-term deal available, but there is a catch.
Borrowers need at least 40% equity or a deposit and there is a 3196 application fee plus a 31,800 completion fee.
Chelsea, part of Yorkshire Building Society, has launched the lowest ever 5 year fixed rate at 3.39%. There is a £1,1495 fee and borrowers need a 30% deposit. Chelsea has also launched 5, 6 and 7 year fixed rates. Borrowers with a 30% deposit can get a 3.99% rate regardless of the term. This rises to 4.89% for those with 20% equity or 5.39% for 10% equity.
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